When we look at the chart of ETH, we like what we see.
Right now, bulls and bears are battling right on top of the support zone between 160 - 170. We view it as good for the bulls that there is a temporary stalemate near this 170 level.
One of the keys for ETH is to see if ETHUSD can survive a significant decline in other risk assets. We noticed stocks (QQQ) are starting to fall apart this morning.
Bottom Line: If ETH can stay above the 160-170 with stocks falling apart, it would be an unbelievably good sign for ETH. If ETH holds up, we believe ETHUSD may be forming a base to launch a move to 350.
Right now, bulls and bears are battling right on top of the support zone between 160 - 170. We view it as good for the bulls that there is a temporary stalemate near this 170 level.
One of the keys for ETH is to see if ETHUSD can survive a significant decline in other risk assets. We noticed stocks (QQQ) are starting to fall apart this morning.
Bottom Line: If ETH can stay above the 160-170 with stocks falling apart, it would be an unbelievably good sign for ETH. If ETH holds up, we believe ETHUSD may be forming a base to launch a move to 350.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.